Bitcoin Price Breaking The Resistance, $60K BTC Price Imminent?

Bitcoin price is yet again attempting hard to leap towards the $58,000 target in a very short time frame. It’s mandatory for the asset to keep up the uptrend for another couple of days in order to slice through the pivotal zones around $60K. Else the BTC price could keep hovering around similar levels with minimal fluctuations for the further couple of days. 

With the market dropping frequently, the traders obtained a good opprtunity to accumulate more BTC. And hence more traders currently have become the ‘whole bitcoiner’ in no time. As per the data, nearly 0.007% entire population is holding 1 full BTC.

Also Read: Ethereum On the Verge Of A Massive Breakout! Will ETH Price Make It Above $5K?

The asset since the early trading hours witnessed huge volatility with balanced buying and selling pressures. Instead of undergoing a huge rally, yet the asset appears to follow a steady uptrend. However, despite the bulls trying hard to range high above $59,000, bears are also proactive in keeping the price below $58,000. 

Collectively Bitcoin is approaching a key resistance area where-in a breakout is mandatory. While a few hours are left for the monthly trade close, BTC price closing anywhere above $58,000 could be pretty bullish. However, in the short term, the asset exhibits a bearish trend with mounting selling pressure. Yet in the long term, the asset is bullish as it always bounces from the lower support trend line. 

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.